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Article: Learning while Experimenting

TitleLearning while Experimenting
Authors
Damiano, ELi, HSuen, W
Issue Date2020
PublisherWiley for Royal Economic Society. The Journal's web site is located at http://onlinelibrary.wiley.com/journal/10.1111/(ISSN)1468-0297
Citation
The Economic Journal, 2020, v. 130 n. 625, p. 65-92 How to Cite?
DOI: http://dx.doi.org/10.1093/ej/uez043
AbstractAn agent performing risky experimentation can benefit from suspending it to directly learn about the state. ‘Positive’ information acquisition seeks news that would confirm the state that favours experimentation. It is used as a last-ditch effort when the agent is pessimistic about the risky arm before abandoning it. ‘Negative’ information acquisition seeks news that would demonstrate that experimentation is futile. It is used as an insurance strategy to avoid wasteful experimentation when the agent is still optimistic. A higher reward from risky experimentation expands the region of beliefs that the agent optimally chooses information acquisition rather than experimentation.
Persistent Identifierhttp://hdl.handle.net/10722/279006
ISSN
0013-0133
2021 Impact Factor: 3.721
2020 SCImago Journal Rankings: 4.683
ISI Accession Number ID
WOS:000546130400004

 

DC FieldValueLanguage
dc.contributor.authorDamiano, E-
dc.contributor.authorLi, H-
dc.contributor.authorSuen, W-
dc.date.accessioned2019-10-21T02:17:53Z-
dc.date.available2019-10-21T02:17:53Z-
dc.date.issued2020-
dc.identifier.citationThe Economic Journal, 2020, v. 130 n. 625, p. 65-92-
dc.identifier.issn0013-0133-
dc.identifier.urihttp://hdl.handle.net/10722/279006-
dc.description.abstractAn agent performing risky experimentation can benefit from suspending it to directly learn about the state. ‘Positive’ information acquisition seeks news that would confirm the state that favours experimentation. It is used as a last-ditch effort when the agent is pessimistic about the risky arm before abandoning it. ‘Negative’ information acquisition seeks news that would demonstrate that experimentation is futile. It is used as an insurance strategy to avoid wasteful experimentation when the agent is still optimistic. A higher reward from risky experimentation expands the region of beliefs that the agent optimally chooses information acquisition rather than experimentation.-
dc.languageeng-
dc.publisherWiley for Royal Economic Society. The Journal's web site is located at http://onlinelibrary.wiley.com/journal/10.1111/(ISSN)1468-0297-
dc.relation.ispartofThe Economic Journal-
dc.rightsPreprint This is the pre-peer reviewed version of the following article: [FULL CITE], which has been published in final form at [Link to final article]. Authors are not required to remove preprints posted prior to acceptance of the submitted version. Postprint This is the accepted version of the following article: [full citation], which has been published in final form at [Link to final article].-
dc.titleLearning while Experimenting-
dc.typeArticle-
dc.identifier.emailSuen, W: hrneswc@hku.hk-
dc.identifier.authoritySuen, W=rp00066-
dc.description.naturelink_to_subscribed_fulltext-
dc.identifier.doi10.1093/ej/uez043-
dc.identifier.scopuseid_2-s2.0-85081752943-
dc.identifier.hkuros308065-
dc.identifier.volume130-
dc.identifier.issue625-
dc.identifier.spage65-
dc.identifier.epage92-
dc.identifier.isiWOS:000546130400004-
dc.publisher.placeUnited Kingdom-
dc.identifier.issnl0013-0133-

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